By Wendy Van Sickle
Columbus, Ohio, Dec. 7 – Barclays Bank plc priced $3.97 million of contingent income autocallable securities due Dec. 3, 2021 linked to the lesser performing of the Financial Select Sector SPDR fund and the Industrial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon 7% a year if each fund closes at or above its downside threshold level, 75% of its initial level, on the determination date for that quarter.
After one year, the notes will be automatically called at par of $10 plus the contingent coupon if each fund closes at or above its initial level on any determination date other than the final one.
If each fund finishes at or above its downside threshold level, the payout at maturity will be par plus the final contingent coupon. If the final level of either fund is less than its downside threshold level, investors will be fully exposed to the decline of the lesser-performing fund.
Barclays is the agent. Morgan Stanley Wealth Management is a dealer.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income autocallable securities
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| Underlying funds: | Financial Select Sector SPDR fund, Industrial Select Sector SPDR fund
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| Amount: | $3,966,000
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| Maturity: | Dec. 3, 2021
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| Coupon: | 7% annualized, payable quarterly if each fund closes at or above its downside threshold on the determination date for that quarter
|
| Price: | Par
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| Payout at maturity: | If final level of each fund is greater than or equal to downside threshold level, par; otherwise, full exposure to decline of worse performing fund
|
| Call: | After one year, at par plus the contingent coupon if each fund closes at or above initial level on any quarterly determination date other than the final date
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| Initial levels: | $22.51 for Financial Select, $62.41 for Industrial Select
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| Downside thresholds: | $16.883 for Financial Select, $46.808 for Industrial Select: 75% of initial levels
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| Pricing date: | Nov. 30
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| Settlement date: | Dec. 5
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| Agent: | Barclays with Morgan Stanley Wealth Management as dealer
|
| Fees: | 3%
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| Cusip: | 06745R636
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